Global Force Sensors Market to Surpass US$ 16 Bn in Revenues by 2027

Press release Description

Albany, New York, September 25, 2017: The global force sensors market is projected to grow at nearly 7% CAGR through 2027 and surpass US$ 16 bn in revenues. Growing applications of force sensors in end-use sectors is likely to provide an impetus to the growth of the market. Further, growing incorporation of IT in healthcare sector is also paying the way for growth of force sensors market. These insights are according to a new report added to the repository of Market Research Reports Search Engine (MRRSE). The report is titled, “Force Sensor Market: Global Industry Analysis and Opportunity Assessment, 2017 – 2027”.

The growth of force sensors market is impacted by growing adoption of IoT in various end-use industries, including but not limited to, consumer electronics, infrastructure development, healthcare, automation, security, and logistics. Although force sensors are a minor component in the overall IoT sphere, they remain integral for seamless connectivity. As IoT makes further inroads into various end-use industries, it is highly likely that demand for force sensors will also witness an increase.

The innovation in consumer electronics sector is also expected to boost the prospects of force sensors market. There has been an increase in deployment of touch interfaces in signage, gaming, and retail. Owing to the steady demand from these sectors, the force sensors market is anticipated to gain new ground during the forecast period.

The key technologies used in the force sensors include piezo-resistive and capacitive. Currently, the former is mainly preferred by end-users, and the trend will continue during the forecast period. A slight decline in revenue share of piezo-resistive force sensor technology is projected by the end of 2027.

The three largest segments where force sensor technology is used include automotive, manufacturing, and medical/healthcare. The automotive segment is projected to remain the largest in terms of value; however, manufacturing segment is anticipated to grow at the fastest CAGR during the forecast period.

The key uses of force sensor technology include monitoring & control, and testing & measurement. Currently, use of force sensor technology for monitorial & control remains pervasive; however, over the forecast period, the testing & measurement segment is projected to grow at a higher CAGR.

The growth of force sensors market is closely tied to their demand in emerging economies. China, India, Brazil, and South Africa remain key markets for force sensors owing to the behemoth automotive and manufacturing sector in these countries. Asia Pacific excluding Japan (APEJ) and Latin America are the two lucrative markets in terms of future applications. The APEJ force sensors market is likely to be valued at nearly US$ 5 bn by 2027. Latin America, on the other hand, is expected to grow at a high CAGR during the forecast period.

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